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Reply to "Leaving kids house upon death and spouse is alive"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]It may also be a long term care issue. If it is in the children's name, she may be eligible for benefits such as long term care/medicaid that has a 5 year old back of transferring money/assets.[/quote] Perhaps. Is this common?[/quote] NP here. That's why we did the life estate for my dad's house. It starts the "look back" clock for medicaid. Assets transferred less than five years before using medicaid are subject to "look back" and can be taken to pay for services before medicaid kicks in. Slightly different scenario than in the op, because it was just my dad - my mom died many years before. It also made things much easier when he did pass away, as the house was already in my and my sibling's name.[/quote]
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